Schlumberger concluded the acquisition of the remaining equity shares from Frank Mohn AS in Framo Engineering AS. The closing of the transaction is subject to regulatory approval.
This combines Framo Engineering multiphase pumps and meter systems with Schlumberger subsea flow assurance and surveillance technologies.
Framo Engineering is a privately owned Norwegian company and is the leading multiphase subsea pump and meter supplier, and has focused its investments in the development of new technology for oil and gas production from subsea wells — particularly in the emerging deepwater market.
Subsea multiphase boosting can enable both ultra deepwater light-oil and heavy-oil production by increasing ultimate recovery of deepwater oil and gas fields.
"This transaction is an important step in the development of subsea technologies and solutions to improve hydrocarbon recovery and lower costs in the subsea environment," commented Paal Kibsgaard, Chief Operating Officer, Schlumberger Limited.
"The combination of Schlumberger subsea flow assurance and surveillance capabilities with Framo Engineering's extensive subsea multiphase boosting and metering capabilities will help our customers better design their subsea infrastructure, optimize production and increase recovery over the life of the field," Kibsgaard added.
Frederik Mohn, Managing Director of Frank Mohn, minority owner, concluded: "We are confident that being part of Schlumberger will enable Framo Engineering to take on the upcoming large integrated subsea projects worldwide."
